Which statement correctly describes absolute advantage?
1 )
It is when a country has a higher opportunity cost in producing a good than another country.
2 )
It is when a country has a lower wage cost in producing a good than another country.
3 )
It is when the relative prices of exports of a country are greater than the relative prices of its imports.
It is when a country’s output of a good is greater per unit of resource than another country.
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